Home / Front Page/ Overseas Realty invests Rs. 3.9 b to buy up subsidiary Mireka

Overseas Realty invests Rs. 3.9 b to buy up subsidiary Mireka

Comments / {{hitsCtrl.values.hits}} Views / Monday, 2 January 2017 00:20


BOC sells 40% stake at hefty profit, sale approved by Ministry

Overseas Realty (Ceylon) Plc last week completed the acquisition of a minority 40% stake in its subsidiary Mireka Capital Land Ltd. for Rs. 3.88 billion.

With the move Mireka becomes a fully-owned subsidiary and the new arrangement will help Overseas Realty Group forge ahead with its new expansion plans. 

The price for the 40% (75 million shares) was determined by an independent valuer. ORCL used internal funds for the acquisition. Investment of 60% was stated at Rs. 1.5 billion in ORCL’s accounts and in BOC accounts it was Rs. 750 million at the Bank level and Rs. 1.2 billion at the Group level.

The sale, which was duly approved by the Public Enterprise Development, has enabled BOC to book a hefty capital gain and thereby augments its capital, the same rationale for going ahead with the sale of stake in Seylan Bank for Rs. 1.3 billion but later cancelled due to an alleged lack of approval. 

Mireka handles all residential and commercial developments at Havelock City. 

Last week it broke ground for Mireka Tower, a 46-storey 600,000 square foot office tower with a 200,000 square foot shopping mall with an investment of $ 166 million. The project will be completed by 2020.

The ORCL ‘s Rights Issue is also due for completion in January. The Rights, on the basis of two for every five held at Rs. 20.50, will raise Rs. 7.3 billion.


Share This Article

Facebook Twitter


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Expand employer-backed childcare to close the gender gap in Sri Lanka

Friday, 19 July 2019

In Sri Lanka, women’s formal workforce participation is at only 36%, compared with 75% for men. Sri Lanka could raise its gross domestic product by as much as 20% in the long-run by closing the gender gap in the workforce, according to one estimate

Who should be our next president?

Friday, 19 July 2019

After the recent terrorist attacks and the subsequent violence unleashed against innocent Muslims by racists, Sri Lankans are searching for a leader who can save the country. Many have lost faith in the leaders, due to the breakdown in the security a

The messed-up lives

Friday, 19 July 2019

It can be seen that there is a serious mess-up not only in the State and the social system in Sri Lanka, but also in the lives of the people. People of Sri Lanka are having smiling faces, yet those who live happily are very rare. You will find that u

Reimagining our reality: the last best hope for us?

Friday, 19 July 2019

Imagination can be a powerful tool for shaping everyday reality. We use it to construct everything from the mundane to the mystic. A down-to-earth example would be our subscription to the idea of the intrinsic value and worth of every human being. I

Columnists More